NYSE: BA · Aerospace & Defense
The Boeing Company
Boeing builds commercial jets (737, 767, 777, 787), military aircraft, weapons, satellites and space systems, and sells services across the life of those fleets. After a 2024 net loss of $11.8 billion — a year shaped by the January 2024 737-9 door plug accident, tighter FAA oversight and a machinists' strike — 2025 revenue rose 34% to $89.5 billion as deliveries climbed to 600 airplanes. Net income of $2.2 billion came mostly from a $9.6 billion gain on selling Digital Aviation Solutions (Jeppesen, ForeFlight) to Thoma Bravo; the commercial airplane segment still lost $7.1 billion, including a $4.9 billion 777X charge. In December 2025 Boeing acquired its main fuselage supplier, Spirit AeroSystems. Backlog reached a record $715 billion in mid-2026.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: January 30, 2026
Built on10-K FY2025 · filed 2026-01-3010-Q (quarter ended 2026-09-30) · filed 2026-10-27
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 9.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 4.8%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -4.0 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 3.9x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.48x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 18.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.31
Higher than 57% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 13% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 13% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 81% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 1% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$176.77close on 2026-11-04
Market cap$138.71B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 18.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 25.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 26.2x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -1.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 87.6x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 31.2x
Book value at FY2025 year-end
At FY2025 year-end: 34.2x
EBITDA for FY2025
At FY2025 year-end: -1.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$23.27B → $24.19B (vs. a year earlier)↑ +3.9%$23.27B → $24.19B (vs. a year earlier)
- Operating margin-20.5% → 1.5% (vs. a year earlier)↑ +22.0 pts-20.5% → 1.5% (vs. a year earlier)
- Net income−$5.34B → −$116M (vs. a year earlier)↑ −$116M−$5.34B → −$116M (vs. a year earlier)
- Diluted EPS$-7.14 → $-0.26 (vs. a year earlier)↑ $-0.26$-7.14 → $-0.26 (vs. a year earlier)
- Cash$7.24B → $9.5B (vs. previous quarter-end)↑ +31.2%$7.24B → $9.5B (vs. previous quarter-end)
- Long-term debt$45.6B → $45.61B (vs. previous quarter-end)→ +0.0%$45.6B → $45.61B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Key changes
Q3 revenue $24.2B. Source sentence
ARLINGTON, Va., October 27, 2026 – The Boeing Company [NYSE: BA] recorded third quarter revenue of $24.2 billion, primarily reflecting higher defense and services volume and less favorable commercial delivery mix.
Backlog a record $745B, with over 6,300 commercial airplanes. Source sentence
Total company backlog grew to a record $745 billion, including over 6,300 commercial airplanes
Commercial Airplanes revenue $10.7B at a (6.5)% operating margin. Source sentence
Commercial Airplanes third quarter revenue of $10.7 billion and operating margin of (6.5) percent primarily reflects less favorable delivery mix, higher projected costs associated with future production rate adjustments and higher estimated supply chain costs.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- BOEING CO
- Headquarters
- ARLINGTON, VA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BA
- Industry
- Aerospace & Defense
- CIK
- 12927
- Website
- https://www.boeing.com/ ↗
Workforce (as of FY2025 year-end)
Employees
182,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 27–31 days after quarter end (Jan 27, 2026; Jan 28, 2025; Jan 31, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–31 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 27, 2026 10-Q (+27 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 22, 2026 (+22 days) | Apr 22, 2026 10-Q (+22 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 27, 2026 (+27 days) | Jan 30, 2026 10-K (+30 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 29, 2025 (+29 days) | Jul 29, 2025 10-Q (+29 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 23, 2025 (+23 days) | Apr 23, 2025 10-Q (+23 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 28, 2025 (+28 days) | Feb 3, 2025 10-K (+34 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 23, 2024 (+23 days) | Oct 23, 2024 10-Q (+23 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 24, 2024 (+24 days) | Apr 24, 2024 10-Q (+24 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 31, 2024 (+31 days) | Jan 31, 2024 10-K (+31 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Commercial Airplanes
737
Examples: 737-8, 737-9; 737-7 and 737-10 in development
447 deliveries in 2025; production rose to 42 per month in Q4 2025.
Commercial Airplanes
787
Examples: 787 Dreamliner
88 deliveries in 2025.
Commercial Airplanes
777 / 777X
Examples: 777 Freighter; 777X in development
35 777 deliveries in 2025; first 777X delivery expected in 2027.
Commercial Airplanes
767
Examples: 767 Freighter; KC-46A tanker base
30 deliveries in 2025, including intercompany deliveries.
Defense, Space & Security
Military aircraft
Examples: F/A-18, F-15, KC-46A, P-8A, T-7A, MQ-25
Fighters, trainers, tankers, anti-submarine and unmanned aircraft.
Defense, Space & Security
Space and other
Examples: Satellites, CST-100 Starliner, VC-25B
Government and commercial satellites, space exploration and presidential aircraft.
Global Services
Fleet services
Examples: Spare parts, maintenance, modifications, training
Support across the life of commercial and defense fleets.
From the FY2025 Form 10-K and the Q2 2026 earnings release.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Commercial airplanes (100+ seats)
Worldwide commercial airline industry
U.S. share
—
Not disclosedWorldwide share
One of two major makers
Company-disclosedThe 10-K says Boeing is "one of the two major manufacturers of 100+ seat airplanes for the worldwide commercial airline industry"; no share is given.
Defense, space and security
U.S. defense contractors
U.S. share
One of the largest
Company-disclosedThe 10-K calls Boeing one of the largest defense contractors in the U.S.
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q3 earnings release, 10-Q and 8-Ks.
Q3 2026 results
Revenue $24.2B (+4%) on 161 deliveries; net loss $116M (−$0.26 per share) vs a $5.3B loss a year earlier; operating cash flow $1.5B and free cash flow $0.5B. BDS margin was 6.2%, helped by a $252M gain on the HRL Laboratories sale.
Source: Q3 2026 earnings release
Production and certification
The 737 is progressing toward stabilized production of 47 per month; the 737-7 received FAA amended type certification in Q3 2026 and the 737-10 in October. The 787 is stable at 8 per month, and 777-9 certification flight testing continued.
Source: Q3 2026 earnings release
F/A-XX fighter
The U.S. Navy selected Boeing to design, build and deliver the F/A-XX next-generation fighter; the order is not yet in backlog pending completion of the source selection review.
Source: Q3 2026 earnings release
Credit facility
A new $3.0B 364-day revolving credit agreement in August 2026 replaced the expiring one.
Source: 8-K filed 2026-08-28
Controller succession
Ryan Shedd, a former EY partner, will become Controller after the FY2026 10-K is filed, succeeding Michael Cleary.
Source: 8-K filed 2026-08-21
Capex ÷ D&A (FY2025)
1.51x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$2,942M ÷ $1,953M = 1.51x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
4.0%
formularesearch & development expense ÷ revenue × 100
e.g.$3,615M ÷ $89,463M × 100 = 4.0%
M&A spend (6-year total)
$1.37B
Latest year: $1.25B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.3B in FY2020 to $2.94B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$89.46B
As reported in the 10-K
Revenue CAGR (5 years)
+9.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($89,463M ÷ $58,158M) ^ (1÷5) − 1 = 9.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
4.8%▲favorable
+26.7pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$4,281M ÷ $89,463M × 100 = 4.8%
ROE (FY2025)
—▼caution
6-year average: —
As reported in the 10-K
P/B (FY2025 end)
31.24x
formulafiscal year-end closing price ÷ book value per share
e.g.$217.12 ÷ $6.95 = 31.24x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
34.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($170,374M + $53,848M − $10,921M) ÷ ($4,281M + $1,953M) = 34.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +9.0% a year over 5 years (strong growth)
From $58.16B in FY2020 to $89.46B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -22.0% → 4.8%
How much operating profit is left per $100 of revenue. It moved +26.7 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 3.2% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 2 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Commercial Airplanes
Designing and certifying aircraft with the FAA- Final assembly
Defense, Space & Security
Development and production contracts- Commercial derivative aircraft such as the KC-46A and P-8A
Global Services
Parts distribution- Maintenance, engineering and modifications
06 · what it draws on
Key resources
Commercial Airplanes
A total workforce of about 182,000 company-wide- U.S. and non-U.S. suppliers, many on a sole-source basis
Defense, Space & Security
Engineering and production workforce- Suppliers and subcontractors
Global Services
A worldwide services network- Data from Boeing-built fleets
02 · why customers buy
Value propositions
- Commercial jets (737, 767, 777, 787), military aircraft, weapons and space systems, plus services across the fleet's life.
04 · how it keeps them
Customer relationships
- Long order backlogs and decades of aftermarket support: spare parts, maintenance, modifications and upgrades (Global Services).
03 · how it reaches them
Channels
- Commercial airplanes sold to airlines; contracts with the U.S. government and, directly or through U.S. foreign military sales, other governments.
01 · who it serves
Customer segments
Commercial Airplanes
Airlines and aircraft leasing companies worldwideDefense, Space & Security
U.S. Department of Defense and NASA- Non-U.S. governments (26% of backlog)
Global Services
Airlines- U.S. and non-U.S. governments
09 · where money goes
Cost structure
FY2025, share of revenue ($89.46B)
- Cost of revenue95.2%
- Research & development4.0%
- Selling, general & administrative6.8%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Operating profit left: 4.8% of revenue. Depreciation & amortization (inside the costs above): $1.95B. Capital spending: $2.94B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Commercial Airplanes
Aircraft sales, mostly recognized at delivery- Fixed-price contracts with indexed price escalation
Defense, Space & Security
Fixed-price contracts (about 60% of 2025 revenue)- Cost-type contracts
Global Services
Parts and service sales- Government support contracts
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Commercial Airplanes (BCA)
Designs, builds and sells commercial jets: the 737 narrow-body and the 767, 777 and 787 wide-bodies. The 777X and the 737-7 and 737-10 are still in development.
01 what it draws on
Inputs & resources
- A total workforce of about 182,000 company-wide
- U.S. and non-U.S. suppliers, many on a sole-source basis
- Aluminum, titanium and composites
02 what it does
Activities
- Designing and certifying aircraft with the FAA
- Final assembly
- Raising production rates with FAA concurrence
03 who it serves
Customers
- Airlines and aircraft leasing companies worldwide
04 how money comes in
How it earns
- Aircraft sales, mostly recognized at delivery
- Fixed-price contracts with indexed price escalation
Commercial Airplanes (BCA): how it makes money
- Revenue $41.5B in 2025 (+82%) with a $7.1B operating loss.
- 600 deliveries in 2025, including 447 737s and 88 787s.
- Backlog $567B at year-end 2025; 60% of BCA revenue came from outside the U.S.
Defense, Space & Security (BDS)
Military aircraft (fighters, trainers, rotorcraft, tankers, anti-submarine aircraft), weapons, satellites and space exploration programs.
01 what it draws on
Inputs & resources
- Engineering and production workforce
- Suppliers and subcontractors
02 what it does
Activities
- Development and production contracts
- Commercial derivative aircraft such as the KC-46A and P-8A
03 who it serves
Customers
- U.S. Department of Defense and NASA
- Non-U.S. governments (26% of backlog)
04 how money comes in
How it earns
- Fixed-price contracts (about 60% of 2025 revenue)
- Cost-type contracts
Defense, Space & Security (BDS): how it makes money
- Revenue $27.2B in 2025 with a $128M operating loss, much smaller than the $5.4B loss in 2024.
- 2024 included $5.0B of losses on five fixed-price development programs: KC-46A, T-7A, Commercial Crew, VC-25B and MQ-25.
Global Services (BGS)
Services for commercial and defense fleets: spare parts, supply chain and logistics, maintenance and modifications, upgrades and conversions, training, and technical documents.
01 what it draws on
Inputs & resources
- A worldwide services network
- Data from Boeing-built fleets
02 what it does
Activities
- Parts distribution
- Maintenance, engineering and modifications
- Pilot and maintenance training
03 who it serves
Customers
- Airlines
- U.S. and non-U.S. governments
04 how money comes in
How it earns
- Parts and service sales
- Government support contracts
Global Services (BGS): how it makes money
- Revenue $20.9B in 2025; operating earnings of $13.5B include the $9.6B Digital Aviation Solutions gain.
- The only consistently profitable segment: earnings of $3.3B in 2023 and $3.6B in 2024.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Boeing’s defense business sells to the U.S. government, and its non-U.S. sales (including Foreign Military Sales) face trade and procurement rules.
Government as customer
Foreign Military Sales and non-U.S. customers
Non-U.S. customers, including FMS through the U.S. government, were 46% of 2025 revenue and 60% of Commercial Airplanes revenue.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Export controls
Non-U.S. sales are subject to import-export control, tariffs and procurement rules.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Commercial Airplanes
41,494 (46%)profit -7,079 · margin -17.1%
Defense, Space & Security
27,234 (30%)profit -128 · margin -0.5%
Global Services
20,923 (23%)profit 13,474 · margin 64.4%
Source: Form 10-K (FY2025) — MD&A, segment results of operations Profit is earnings/(loss) from operations. Global Services includes the $9,566M gain on the Digital Aviation Solutions sale. Unallocated items and eliminations (-$188M revenue) are not shown.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 54% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
48,083 (54%)Asia
16,466 (18%)Europe
11,419 (13%)Middle East
7,023 (8%)Canada
1,781 (2%)Africa
1,625 (2%)Oceania
1,587 (2%)Latin America, Caribbean and other
1,479 (2%)
Source: Form 10-K (FY2025) — Note 24, revenues by customer location Includes foreign military sales, reported by customer location.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Commercial jets are sold on firm fixed-price contracts signed years before delivery, with indexed price escalation. Defense work is a mix of fixed-price and cost-type government contracts, and governments can terminate for convenience. Total backlog was $682 billion at year-end 2025.
- multi-year (order to delivery)
Commercial aircraft sales
BCA backlog $567.3B
Typical term: Firm fixed price with indexed escalation
Customers can have remedies for late deliveries, including rights to reject airplanes.
- Multi-year / recurring
Defense fixed-price contracts
About 60% of BDS and of BGS defense revenue
Typical term: Fixed price; cost overruns become reach-forward losses
Five development programs drove $5.0B of losses in 2024.
- Multi-year / recurring
U.S. government contracts
35% of 2025 revenue (including FMS)
Typical term: Terminable at the government's convenience
42% in 2024, 37% in 2023.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Airlines and lessors worldwide, the U.S. government, and non-U.S. governments.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- The U.S. government (including FMS) accounted for 35% of 2025 revenue. (Form 10-K (FY2025), Note 24)
- 46% of 2025 revenue came from customers outside the U.S. (Form 10-K (FY2025), Note 24)
Suppliers
A large base of U.S. and non-U.S. suppliers and subcontractors, with many major components sole-sourced.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Spirit AeroSystems, which built 737 fuselages, was acquired in December 2025. (Form 10-K (FY2025), Note 2)
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Boeing's 10-K names competitors by segment: Airbus and Chinese entrants in commercial jets, and large U.S. defense contractors and SpaceX in defense and space.
Competitors named in the 10-K
Defense, space & security
In the U.S. market, also non-U.S. companies such as BAE Systems and Airbus Group.
Peer group the company chose
Executive compensation peer group (2025), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
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- Microsoftsite ↗
- Northrop Grummansite ↗
- Procter & Gamblesite ↗
- RTXsite ↗
- UPSsite ↗
- Verizonsite ↗
Also named as competitors in the 10-K
For 2026, 3M was removed and GE Aerospace added.
Source: Proxy statement (DEF 14A, filed 2026-03-06) — Market Data and Compensation Peer GroupCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
In 2025 Boeing sold its digital aviation software business and acquired its main fuselage supplier.
Cash spent on acquisitions, FY2021–FY2025: $1.37B (years not reported separately are excluded)
Oct 2025
Digital Aviation Solutions (divestiture to Thoma Bravo)
$10.55B cash
Jeppesen, ForeFlight, AerData and OzRunways, part of Global Services.
- Stated purpose (company)
- Not stated in the 10-K.
Source: Form 10-K (FY2025) — Note 3
Dec 2025
Spirit AeroSystems
About $4.7B in Boeing shares
Spirit's Boeing-related operations, including fuselages for the 737, P-8 and KC-46, and major structures for the 767, 777 and 787.
- Stated purpose (company)
- Not stated in the 10-K.
Source: Form 10-K (FY2025) — Note 2
Spirit's businesses supplying Airbus were sold to Airbus at the same closing; Boeing must provide services to buyers of divested Spirit businesses.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Financial stability & capital efficiency
Unit: %
- Equity ratio
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 58,158 | 62,286 | 66,608 | 77,794 | 66,517 | 89,463 |
| Operating income | -12,767 | -2,870 | -3,519 | -773 | -10,707 | 4,281 |
| Pretax income | -14,476 | -5,033 | -5,022 | -2,005 | -12,210 | 2,635 |
| Net income (attributable) | -11,873 | -4,202 | -4,935 | -2,222 | -11,817 | 2,235 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 7.1% | 6.9% | 16.8% | -14.5% | 34.5% |
| Operating margincalcoperating income ÷ revenue × 100 | -22.0% | -4.6% | -5.3% | -1.0% | -16.1% | 4.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -20.4% | -6.7% | -7.4% | -2.9% | -17.8% | 2.5% |
| Balance sheet ($M) | ||||||
| Total assets | 152,136 | 138,552 | 137,100 | 137,012 | 156,363 | 168,235 |
| Total equity | -18,075 | -14,846 | -15,848 | -17,228 | -3,908 | 5,457 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 63,380 | 57,921 | 56,794 | 52,055 | 53,625 | 53,848 |
| Equity ratio | -12.0% | -10.8% | -11.6% | -12.6% | -2.5% | 3.2% |
| Cash flow ($M) | ||||||
| Operating CF | -18,410 | -3,416 | 3,512 | 5,960 | -12,080 | 1,065 |
| Investing CF | -18,366 | 9,324 | 4,370 | -2,437 | -11,973 | 499 |
| Financing CF | 34,955 | -5,600 | -1,266 | -5,487 | 25,209 | -3,763 |
| Free cash flowcalccash flow from operations − capital expenditures | -19,713 | -4,396 | 2,290 | 4,433 | -14,310 | -1,877 |
| Cash and equivalents | 7,752 | 8,052 | 14,614 | 12,691 | 13,801 | 10,921 |
| Per share & other | ||||||
| EPS ($) | -20.88 | -7.15 | -8.30 | -3.67 | -18.36 | 2.48 |
| BVPS ($) | -31.45 | -25.47 | -26.58 | -28.27 | -5.22 | 6.95 |
| P/E (x) | — | — | — | — | — | 87.6 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | — | 182.2 | — | 34.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | — | — | — | — | — | 31.24 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $24.19B+3.9% | $354M | −$116M | $-0.26 |
| 2026-06-30 | $24.56B+8.0% | $156M | −$444M | $-0.67 |
| 2026-03-31 | $22.22B+14.0% | $448M-2.8% | −$4M | $-0.11 |
| 2025-12-31 † | $23.95B+57.1% | $8.78B | $8.22B | — |
| 2025-09-30 | $23.27B | −$4.78B | −$5.34B | $-7.14 |
| 2025-06-30 | $22.75B | −$176M | −$611M | $-0.92 |
| 2025-03-31 | $19.5B | $461M | −$37M | $-0.16 |
| 2024-12-31 † | $15.24B | −$3.77B | −$3.87B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
6.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$4,281M × (1 − 21%) ÷ $54,511M × 100 = 6.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
10.21%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $170.37B ÷ ($170.37B + $53.85B) = 76.0%
e.g.Debt weight: $53.85B ÷ ($170.37B + $53.85B) = 24.0%
e.g.WACC: 12.2% × 76.0% + 5.1% × (1 − 21%) × 24.0% = 10.21%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 8.5%–12.2% and ROIC − WACC runs −6.0 to −2.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 10.21% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.31 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 12.16%
- Cost of debt
- 5.15%
- Tax rate
- 21% (U.S. federal statutory rate (not enough data for an effective rate))
- Capital structure (equity : debt)
- 76% : 24%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 10.21%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.30 (price-derived adjusted beta. Raw β 1.46, R² 0.34, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.455 + 0.33 = 1.305
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.31 × 5.5% = 12.2%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages 0.48x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- ✓
Accrual ratio (latest): 0.7%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 162%
Most profit comes from core operations.
- ✓
Days sales outstanding: 12 → 11 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-30
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,065M ÷ $2,235M = 0.48x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$4,281M ÷ $2,635M × 100 = 162%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,631M + $2,921M) ÷ 2 ÷ $89,463M × 365 = 11 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($87,550M + $84,679M) ÷ 2 ÷ $85,174M × 365 = 369 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 75.7%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 24.3%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 345 of 416
- Beta (adjusted)
- 1.31
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 83% of covered companies have more
above 1 = swings more than the market
- 598.2M shares reported by 2,623 13F filers ÷ 790.4M shares outstanding on 2026-07-21. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-06 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-21)
20
Strengths & weaknessesSite analysis
Strengths
1. Record backlog
Total backlog reached a record $745B at September 30, 2026, including over 6,300 commercial airplanes worth $612B and a record $101B at Defense, Space & Security.
Evidence: Q3 2026 earnings release
2. Deliveries recovering
Deliveries rose from 348 in 2024 to 600 in 2025, and to 475 in the first nine months of 2026 (+8%).
Evidence: Form 10-K (FY2025); Q3 2026 earnings release
3. Profitable services business
Global Services earned $3.3B–3.6B a year in 2023–2024 and kept an 18.3% margin in Q3 2026.
Evidence: Form 10-K (FY2025); Q3 2026 earnings release
Weaknesses
1. Commercial airplanes still lose money
BCA lost $7.1B in 2025 and $1.58B in the first nine months of 2026, including $697M in Q3.
Evidence: Form 10-K (FY2025); Q3 2026 earnings release
2. Negative-to-thin equity and heavy debt
Shareholders' deficit through 2024; total debt $54.1B at year-end 2025, with $8.4B due in 2026.
Evidence: Form 10-K (FY2025), Note 17
3. No common dividend
The common dividend has been suspended since 2020.
Evidence: Form 10-K (FY2025), MD&A
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
87.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-1.1%
(Operating CF − capex) ÷ market cap
1. Delivery recovery
Higher deliveries lifted revenue 34% in 2025 and turned operating cash flow positive ($1.1B vs. -$12.1B in 2024).
- What has to hold
- FAA keeps agreeing to rate increases and suppliers keep pace.
- The other side
- BCA is still loss-making, and the 777X has repeatedly taken charges.
Evidence: Form 10-K (FY2025)
2. Backlog visibility
A record $745B backlog covers years of production.
- What has to hold
- Customers do not cancel or switch orders.
- The other side
- Customers can terminate or seek compensation for late deliveries.
Evidence: Q3 2026 earnings release; Form 10-K (FY2025), Item 1A
These summarize facts in Boeing's filings, not a recommendation.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
3.5x
$29.4B vs. $8.46B
Interest coverage (operating income ÷ interest expense)
1.5x
$4.28B vs. $2.77B
Free cash flow ÷ dividends paid
-5.7x
−$1.88B vs. $331M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -14.5% in FY2024 ($77.79B → $66.52B) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Backlog
Record $745B at September 30, 2026.
Source: Q3 2026 earnings release
Liquidity
$20.7B of cash and marketable securities and $10.0B of undrawn credit facilities at September 30, 2026; consolidated debt $45.9B.
Source: Q3 2026 earnings release
Debt maturities
$8.4B of principal due in 2026 and $4.4B in 2027.
Source: Form 10-K (FY2025), Note 17
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Boeing resolved the criminal case over the 737 MAX crashes through a 2025 non-prosecution agreement that a court approved in November 2025; family representatives may still appeal further. Securities suits over the MAX and the January 2024 737-9 door-plug accident are pending.
1 open matter (1 flagged as major) · 1 settled or closed
737 MAX and door-plug securities and civil litigation
PendingClass actionMajorShareholder plaintiffs (N.D. Ill.); MAX crash families; door-plug investigations
MAX-related securities suits are pending, and Boeing is appealing the March 16, 2026 partial grant of class certification. Fewer than five MAX family civil suits remain. Multiple investigations and suits, including securities suits, followed the January 2024 737-9 door-plug accident.
- Amounts
- Boeing cannot estimate a range of loss beyond insurance and accrued amounts.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
DOJ 737 MAX non-prosecution agreement
SettledEnforcement / sanctionU.S. Department of Justice (N.D. Tex.); families of MAX crash victims
The agreement resolves the DOJ's finding that Boeing breached its January 2021 deferred prosecution agreement over the Lion Air 610 and Ethiopian 302 accidents. The court approved dismissal of the criminal information on November 6, 2025, and the Fifth Circuit denied the families' petition on March 31, 2026. In September 2026, after court proceedings concluded, Boeing released the $689 million from escrow for the payments required by the agreement.
- Amounts
- $244 million fine plus $445 million for victims' families, paid from escrow in Q3 2026.
- Next step
- Family representatives had until late August 2026 to pursue a further appeal.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
FAA oversight of production
- Company disclosure (summarized from the 10-K)
- After the January 2024 door plug accident the FAA increased oversight; 737 rate increases need FAA concurrence.
- Company’s stated mitigation
- Safety Management System and KPI-based rate readiness reviews with the FAA.
- This site’s assessment
- Impact High / Likelihood Med
- 2Governance & quality
Development program delays
- Company disclosure (summarized from the 10-K)
- The 777X (launched 2013) took $4.9B of reach-forward losses in 2025 and $3.5B in 2024; the 737-7 and 737-10 also await certification.
- Company’s stated mitigation
- Certification flight testing for the 737-7 and 737-10 was completed by July 2026.
- This site’s assessment
- Impact High / Likelihood High
- 3Costs & inflation
Fixed-price defense contracts
- Company disclosure (summarized from the 10-K)
- About 60% of BDS revenue is fixed-price; cost overruns become losses, as with $280M on the VC-25B in Q2 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Labor & workforce
Work stoppages
- Company disclosure (summarized from the 10-K)
- About 72,000 union members; a 2024 strike paused most commercial production, and a 101-day 2025 strike disrupted St. Louis defense operations.
- Company’s stated mitigation
- New contracts ratified (IAM 837 in November 2025).
- This site’s assessment
- Impact High / Likelihood Med
- 5Funding & liquidity
Debt and credit rating
- Company disclosure (summarized from the 10-K)
- Boeing says it cannot be assured of keeping an investment-grade rating; downgrades could raise borrowing costs.
- Company’s stated mitigation
- $10.0B of undrawn credit facilities and $20.0B of cash and marketable securities at mid-2026.
- This site’s assessment
- Impact Med / Likelihood Med
- 6Supply chain
Supplier dependence
- Company disclosure (summarized from the 10-K)
- Many major components are sole-sourced, and qualifying new raw-material sources can take a year or more.
- Company’s stated mitigation
- Spirit AeroSystems' Boeing-related operations brought in-house in December 2025.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (5)
Approximately 72,000 employees, or 40% of our total workforce, were union represented as of December 31, 2025, under collective bargaining agreements with varying durations and expiration dates. Read more
As of December 31, 2025, we had 32 independent agreements with nine different unions in the U.S., and we had agreements with 18 employee representative bodies internationally. We cannot predict how stable our union relationships will be or whether we will be able to meet the unions’ requirements. During 2024, employees represented by International Association of Machinists and Aerospace Workers (IAM) District 751, which represents over 30,000 Boeing manufacturing employees primarily located in Washington state, went out on strike for 53 days, halting production of most of our commercial aircraft and certain of our Defense, Space & Security products, and materially adversely impacting our…
The global trade environment remains highly dynamic and continues to evolve. Read more
Current U.S. trade policy includes the imposition of baseline, sectoral or country-specific tariffs on imports. Other countries have announced retaliatory actions or plans for retaliatory actions. Tariffs and any retaliatory actions could significantly increase the cost of our products and, particularly with respect to our commercial aircraft, result in lower demand for our products, delivery delays, and terminations of orders by customers.
Airbus, and if we are unable to satisfy our obligations to these third parties or if they assert claims against us, our business and financial condition could be adversely affected.
Our fixed-price contracts subject us to losses when we have cost overruns.
Estimating the costs, including labor costs, and time for us and our suppliers to complete fixed-price development and follow-on production contracts is inherently uncertain and subject to significant variability as a result of highly complex designs and technical requirements as well as extended periods of performance. This uncertainty requires us to make significant judgments and assumptions about future operational and technical performance. The outcome of customer and/or supplier contractual negotiations could increase costs and lower margins. Similarly, complex technical requirements can often change over time or may not be well understood at the outset of the contract. Actual performance and/or contractual outcomes could be different than previously assumed, creating financial risk that could trigger additional material earnings charges, termination provisions, order cancellations…
No longer in the text (4)
Our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit) subjects us to various risks and uncertainties, including risks that we may not complete the acquisition or realize the anticipated benefits in the expected timeframe or at all.
On June 30, 2024, we entered into an Agreement and Plan of Merger (Merger Agreement) to acquire Spirit in an all-stock transaction that will include the assumption of Spirit's net debt at closing. Read more
Completion of our acquisition of Spirit is subject to a number of conditions set forth in the Merger Agreement. On January 31, 2025, Spirit’s stockholders approved the Merger Agreement and the related transactions. Some of the remaining conditions, such as certain regulatory approvals and the ability of Spirit to enter into definitive agreements relating to the disposition of Spirit operations related to certain Airbus commercial work packages and consummate the related transactions, are beyond our control, which make the completion of our acquisition of Spirit (and the timing thereof) uncertain. In addition, if Spirit or Boeing exercise certain termination rights included in the Merger…
A significant portion of our customer financing portfolio is concentrated among certain customers and in certain types of Boeing aircraft, which exposes us to concentration risks.
A significant portion of our customer financing portfolio, which is comprised of financing receivables and operating lease equipment, is concentrated among certain customers and in distinct geographic regions. Read more
Our portfolio is also concentrated by varying degrees across Boeing aircraft product types, most notably 717 aircraft, and among customers that we believe have less than investment-grade credit. If one or more customers holding a significant portion of our portfolio assets experiences financial difficulties or otherwise defaults on or does not renew its leases with us at their expiration, and we are unable to redeploy the aircraft on reasonable terms, our financial position, results of operations and/or cash flows could be materially adversely affected.
1 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Jan 30, 2026 ↗ with the 10-K filed Feb 3, 2025 ↗.
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What to watch going forwardSite analysis
- 737 rate increase from 42 to 47 per month, and the new 737 North Line.
- FAA certification of the 737-7 and 737-10 in 2026, and first 777X delivery in 2027.
- Whether BCA returns to operating profit.
- Further reach-forward losses on fixed-price defense programs.
- Conversion of the mandatory convertible preferred stock around October 15, 2027 (dilution).
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Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: January 30, 2026
Built on10-K FY2025 · filed 2026-01-30
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent The Boeing Company’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.